Resorts World New York is positioned for success in the New York City-area casino scene, with Fitch Ratings predicting a significant increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) at the Queens property. However, the parent company’s credit ratings are being impacted by related spending.
In a recent report, Fitch downgraded Genting Bhd to a ‘BBB-‘ rating, the lowest investment grade, from ‘BBB’, due to significant spending plans in New York and Singapore. The agency maintained a ‘BBB-‘ rating and a stable outlook for Genting New York, the unit that controls Resorts World New York. The parent company has committed $5 billion for the expansion of Resorts World New York, with $700 million already spent, including a $500 million license fee.
“Out of the remaining $4.4 billion pledged for the expansion, about $700 million has been spent to date, including $500 million for the license fee,” notes Fitch. “The remaining $3.7 billion will be deployed over the next five years, and will put pressure on Genting New York’s credit metrics during the construction period.”
Fitch also anticipates annual spending of about $800 million on Resorts World New York in the medium term, with plans to introduce 400 table games by January.
Resorts World NY EBITDA Could Surge by 2028
With Bally’s in the Bronx and Hard Rock in Queens still in development, Resorts World’s decision to introduce table games this year gives it a significant advantage. Fitch has revised its 2026 EBITDA forecast for the property, expecting $208 million this year, with a potential increase in the coming years.
The agency projects EBITDA to reach $450 million by 2028, as more games are added and margins improve. Resorts World New York benefits from being the first mover in the New York market, with a strong local customer base.
Fitch notes that Genting’s U.S. and Bahamas operations are now under Genting America Inc. (GENAI), which is also assisting financially troubled Empire Resorts Inc.
Genting Malaysia Compared to Competitors
While Fitch has maintained an investment-grade rating for Genting Malaysia, it notes that the company is slightly weaker financially than competitors like Las Vegas Sands and the Seminole Tribe of Florida.
“Genting Malaysia’s business is supported by its position in the Malaysian gaming market, but Sands’ higher rating reflects a stronger performance in Macao and Singapore, with improved leverage metrics,” Fitch explains.